How do I claim a 1099-R from a Cares Act 401k withdrawal? I do not see an option to spread it over three years as the IRS site claims.

[DoninGA]

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@Avo Deukmejian wrote:

Is form 8915-E now available in TurboTax?

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The Form 8915-E is scheduled to be available in TurboTax on 02/24/2021

[jnr21]

Form 8915-E is available on the IRS website, thanks for confirming TurboTax be updated to include this on the 24th.  Question, how do I confirm TurboTax is not including the 10% early withdrawal fee?  It would help to be able to view the total taxes owed on the withdrawal, tax bracket percentage rate and no withdrawal fee.

[SamS1]

In reviewing your return, if you do not see an amount 1040, line 23, then the 10% early withdrawal penalty would have been waived through the 8915-E.  If your withdrawal is a qualified coronavirus related withdrawal, the 8915-E will be used for penalty relief from early retirement plan distributions and include the option to spread the distribution income over 3 years.  This may be a good option if the distribution is pushing you into a higher marginal tax bracket.  You may end up paying less tax if you spread the distribution over the 3 years.  TurboTax will have series of screens dedicated to the 8915-E.  Penalty relief will be included in those screens.  Normally, the penalty for early distribution from a retirement plan is reported on the form 5329.  This form total flows to 1040 Sch 2 Line 6 and the total of Sch 2 flows to 1040 Line 23. There are also other taxes that flow to the Sch 2 so if you do see an amount on 1040 line 23, review Sch 2 to identify what that amount represents.

[pogono82]

Today is 2/24. I just tried this and its not on here yet.

It was said The Form 8915-E is scheduled to be available in TurboTax on 02/24/2021. I just tried and its not here yet. ETA?

Thanks

[DoninGA]

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@pogono82 wrote:

Today is 2/24. I just tried this and its not on here yet.

It was said The Form 8915-E is scheduled to be available in TurboTax on 02/24/2021. I just tried and its not here yet. ETA?

Thanks

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Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments is scheduled to be available in TurboTax on 02/25/2021

Go to this website for IRS forms availability in TurboTax - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[pricequester]

My company's 401k provider (Fidelity) did not and does not intend on providing a 1099-R for my COVID-related distribution. I don't have all the info to fill out the forms in TurboTax, but I do know that nothing was taken out of the distribution. Can I just provide that amount and ignore questions like "Distribution Codes"? Thx!

[DawnC]

If you are not receiving a 1099-R, then you took a loan from your 401K, not a distribution.   401K loans do not need to be reported on your tax return (unless you default on the loan).  @pricequester

[pricequester]

Thank you for the response, but it certainly was a distribution. Seems like I need to contact Fidelity.

[AmyC]

Yes, if they recorded it as a loan that needs to be corrected. In fact, as a distribution, there is a substitute form you can use, the form 4852.

The form 4852 is a last resort. This is what the form says:

 If you don’t receive the missing or corrected form from your employer or payer by the end of February, you may call the IRS at 800-829-1040 for assistance. You must provide your name, address (including ZIP code), phone number, social security number, and dates of employment. You must also provide your employer’s or payer’s name, address (including ZIP code), and phone number. The IRS will contact your employer or payer and request the missing form.

Because of this, you cannot e-file a return with a 4852, it must be mailed in.

[nicollejoy]

First off, it's not just the penalty, it's a higher tax rate as well.  Secondly, the form has been filed now and still not fixed on the download version.  Please update.

[DoninGA]

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@nicollejoy wrote:

First off, it's not just the penalty, it's a higher tax rate as well.  Secondly, the form has been filed now and still not fixed on the download version.  Please update.

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Answered in your other post here - https://ttlc.intuit.com/community/retirement/discussion/re-why-does-turbotax-apply-a-penalty-for-qua...

[BJ69]

Have you updated form to spread 401k withdrawal over three years?

[DoninGA]

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@BJ69 wrote:

Have you updated form to spread 401k withdrawal over three years?

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All the TurboTax editions were updated with the Form 8915-E on 02/26/2021.  Once the Covid-19 questions are answered the option to spread the withdrawal over 3 years or to include the entire withdrawal on the 2020 tax return will be available.

[ojolly2]

I do not find a 1099-R in my TurboTax. I have the form but place to file it.

[ColeenD3]

You'll get a 1099-R if you received $10 or more from a retirement plan. Here's how to enter your 1099-R in TurboTax:

1. Open (continue) return if you don't already have it open.
2. Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
3. Answer Yes on the Did you get a 1099-R? screen.
   • If you land on the Your 1099-R Entries screen instead, select Add Another 1099-R.
4. Select which option matches your form and Continue.
5. You can import your form directly from your financial institution by searching or selecting yours from one of the options on the screen. You'll be prompted to enter your financial institution account information, and TurboTax will directly import your forms.
   • If you prefer to type it in yourself, select Change how I enter my form and continue through.

You can add up to 20 1099-Rs.